Tag Archives: Agents E&O

Do the wholesalers you use have E&O?

Probably over the last month or so, insurance agencies have received letters from their wholesalers / MGA’s, etc. requesting evidence that your agency has E&O insurance. They will typically require a certificate verifying this coverage. Ironically, it has not been … Continue reading

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Does reporting an E&O claim / incident mean your E&O premium will go up?

This is an often asked question and thus obviously an area of concern. Unfortunately, it is not a question that is easily answered as the end result may depend on a variety of issues including the facts and circumstances of … Continue reading

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Picking an E&O carrier

For insurance agencies, your E&O protection is one of the most important coverages your agency will purchase. Without the proper protection, a significant E&O claim could prompt the agency to go out of business. So, the selection of where you place … Continue reading

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Comparing expiring vs proposed

For many years, E&O carriers have expressed significant concerns over the issue of what many call “The Mirror Test”. Essentially, this is the need for a process within agencies to compare coverages when they are moving an account from one … Continue reading

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Documenting discussions you have with your markets

When the subject of documentation comes up, typically the mindset involves documentation of discussions with your prospects / clients, etc. A good documentation policy in an agency would certainly address these circumstances. However, for some reason, documentation of discussions with … Continue reading

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“I told you I wanted the coverage”

When explaining the need for prompt and accurate documentation, it is important to understand the “why” behind the issue. For many folks, this is when they are able to truly “buy-in” and do what is needed. A big reason behind … Continue reading

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Top 10 Causes of Liability Losses Include Bedbugs, Crashes and Defective Products

Many E&O carriers report that E&O frequency is in very good shape but continue to express concerns on the severity of the E&O claims being reported. Quite possibly, one of the reasons why E&O claims are rising in size is … Continue reading

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A key issue when using a carrier proposal

Over the last couple of years, the agency’s use of carrier proposals is becoming much more common. This is especially true with small commercial accounts or accounts in the personal lines division. Using the carrier proposal actually has several advantages … Continue reading

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Can a “bad” audit score actually be a good thing? Can a “good” audit score be a bad thing?

Two very interesting questions. Without a doubt, Internal auditing within an agency is one of the best initiatives an agency can have in the establishment of a healthy E&O culture. Auditing serves a very vital role to evaluate to what … Continue reading

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